I'm 23, my husband is 25, and he earns $60k gross annually. We have no debt and are currently maxing out both Roth IRA's and contributing $5,400 to his 401k (this includes employer's contribution). We want to buy a duplex in the near future to "house hack" by renting out the second unit to cover the mortgage payments.
I am finishing up a college degree but our goal is for me to SAHM and homeschool. We recently sat down to brainstorm our ideal golden years lifestyle and we are wondering how much we need to put away before being able to live that way indefinitely.
We are both extreme introverts with modest tastes so the flashy HCOL, traveling, vacation lifestyle has no appeal. Our dream scenario is to buy a small cabin on 10+ acres somewhere very remote (and cheap!) - we love rural Kentucky or Tennessee but anywhere Appalachian is nice. I want to garden, keep bees, quilt, and sit in a rocking chair on my cabin porch watching whatever the 2040 equivalent of Netflix is. He wants to do oil painting, small-scale woodworking, and play video games. My uneducated estimation is that this lifestyle shouldn't be very expensive, likely doable on 20-30k annually? Am I missing anything?
Obviously kids will require more expenditure not to mention contact with civilization, so we don't see ourselves putting this lifestyle into action until after the kids are out of the house. Assuming we finish having children within the next 10 years, that gives me a target year of 2046, 28 years from now. How much should we aim to have invested by then, and is it doable on his modest single salary?
Thanks guys!